XN000022-1976-09-10 — Page 2

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FRIDAY, SEPTEMBER 10, 1976

$2,000 MILLION HOLIDAY RESORT FOR LANTAU ISLAND *****

THE GOVERNOR-IN-COUNCIL HAS APPROVED A LAND EXCHANGE AGREEMENT TO ENABLE A PRIVATE DEVELOPMENT COMPANY TO BUILD A $2,000 MILLION HOLIDAY RESORT COMPLEX AT DISCOVERY BAY ON LANTAU ISLAND.

THE AGREEMENT WAS SEALED AT THE CENTRAL GOVERNMENT OFFICES TODAY WHEN THE SECRETARY FOR THE NEW TERRITORIES, MR. DAVID AKERS-JONES, AND THE CHAIRMAN OF HONG KONG RESORT CO. LTD., MR. EDWARD WONG, SIGNED CONDITIONS OF EXCHANGE DOCUMENTS.

THE SIGNATURES MEAN THAT WORK WILL BEGIN IMMEDIATELY ON WHAT MR. AKERS-JONES LATER DESCRIBED AS +ONE OF THE MOST

IMAGINATIVE AND EXCITING PROJECTS EVER UNDERTAKEN IN HONG KONG.+

THE DISCOVERY BAY PROJECT WOULD OPEN UP A TOTALLY NEW RECREATIONAL OUTLET FOR THE PEOPLE OF HONG KONG, PROVIDE WIDE- RANGING BUSINESS AND EMPLOYMENT OPPORTUNITIES AND GIVE A SIGNIFICANT BOOST TO THE TOURIST INDUSTRY, HE ADDED.

THE COMPLEX, DESCRIBED BY ITS DEVELOPERS AS UNIQUE IN ASIA, WILL HAVE THREE HOTELS, THREE GOLF COURSES, SWIMMING AND TENNIS COMPLEXES, COMMERCIAL CENTRES, RESTAURANTS, APARTMENT HOUSES, VILLAGE DEVELOPMENT, VILLAS, HIKING AND HORSE-RIDING TRAILS, BICYCLE PATHS INDOOR SPORTING CENTRES, CHILDREN'S PLAYGROUND AND MANY OTHER FACILITIES.

+THERE IS CERTAINLY NOTHING LIKE IT IN HONG KONG, MR. AKERS-JONES SAID.

+ IT IS A TOTAL RECREATIONAL AREA WITH SOMETHING FOR EVERYBODY MUM, DAD AND THE KIDS.+

THE TOTAL AREA COVERED BY THE PROJECT IS 1,520 ACRES, ALTHOUGH ABOUT 80 PER CENT OF THIS WILL BE USED FOR OPEN SPACE AND CATCHMENT AREAS.

THE COMPANY WILL PAY THE GOVERNMENT A $61.5 MILLION PREMIUM FOR THE LAND IT HAS ACQUIRED. MR. AKERS-JONES ADDED THAT THIS WOULD BE PAID IN 10 ANNUAL INSTALMENTS OF JUST OVER $9 MILLION EACH.

ADDITIONALLY, THE GOVERNMENT IS TO GET 6.6 MILLION SQUARE FEET IN VARIOUS PARTS OF THE NEW TERRITORIES FROM THE COMPANY AS PART OF THE EXCHANGE AGREEMENT.

+A GREAT DEAL OF THIS LAND IS HIGHLY VALUABLE AND IS BADLY NEEDED, MR. AKERS-JONES SAID. +DEVELOPMENT PLANS ARE ALREADY IN HAND FOR MUCH OF IT.

+ONE OF THE MAJOR AREAS OF EXCHANGE IS AT YUEN LONG, WHERE THE GOVERNMENT HAS ACQUIRED FROM THE COMPANY NEARLY FOUR-MILLION SQUARE FEET ON THE SITE OF THE PROPOSED INDUSTRIAL ESTATE THERE.

/+THIS